Canadian-based renewable energy developer Boralex reported that it has added 600 MW of energy storage projects into its project pipeline, according to its earnings release.
The firm also announced the addition of a 36-MW wind project and 4 solar projects totalling 75 MW in France. Another 135 MW of wind and solar projects moved to the ready-to-build stage, according to the release.
Production from all of Boralex’s renewable business lines fell compared to expectations for the third quarter. The company posted a 2% decline in wind production from the third quarter of 2021. Wind production was 13% below the anticipated production.
Solar production was up 4% from the third quarter of 2021 and 13% below the anticipated production. Hydroelectric production was 22% lower than the third quarter of 2021 and 2% below the anticipated production.
Overall, Boralex produced 1,019 GWh of power in the third quarter of 2021, 8% less than the prior year period. The decline was mainly due to unfavourable conditions for wind farms in France and hydroelectric power stations in the U.S., as parts of the latter are experiencing significant drought conditions.
For the nine month period ending in September, the firm produced 3,998 GWh of power, which is was 2% less than the power produced in the same period in 2021. Revenue from energy sales and feed-in premiums was up 4% to $496 million.
The increase in revenues can be attributed to the commissioning of new wind and solar farms and greater revenue from power plants selling at market prices.
